A prominent Bitcoin investor through Grayscale Investments has experienced a 50% decrease in the value of its spot Bitcoin ETF, GBTC, prior to the Bitcoin halving event. The GBTC’s value dropped by nearly half from 619,220 BTC on January 11, when it first began trading.
April 16 marked the 66-day point for the Bitcoin spot ETF, holding approximately 309,871 BTC worth around $19.5 billion at the time. This represented a significant decrease of 50% in value since its debut, based on data from Coinglass.
Grayscale’s Bitcoin Trust (GBTC) has announced a decrease of 50.16% in the amount of Bitcoin it holds, following a net outflow of over 310,600 BTC in the past two months since its last conversion.— Vetle Lunde (@VetleLunde) April 17, 2024
Before the highly anticipated Bitcoin halving event, the compensation given to those mining Bitcoin was reduced by half.
Approximately every four years, the Bitcoin halving takes place. This event typically leads to an increase in Bitcoin’s and other cryptocurrencies’ values.
The substantial number of investors disposing of their GBTC holdings has significantly influenced the value of Bitcoin since its inception.
An explanation for the recent drop in GBTC’s value is its relatively high fees compared to other Bitcoin investment alternatives in the US. The majority of these alternatives have been reducing their fees to entice more investors, while GBTC’s fees remained at approximately 1.5%. In contrast, most other investment options had fees ranging from 0.2% to 0.4%.
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2024-04-17 15:32